Prompt Notification of Short Sales Act

Summary

Prompt Notification of Short Sales Act - Requires each servicer of a home mortgage to provide in writing to a mortgagor of a residential mortgage loan specified prompt notifications and decisions regarding a written request of the mortgagor for a short sale of the dwelling or residential real property that is subject to the mortgage, deed of trust, or other security interest securing the mortgage loan. Authorizes an aggrieved individual to bring a civil action for equitable relief and a monetary award of $1,000 for any violation of this Act. Declares this Act inapplicable to certain residential mortgages entered into before its enactment whose mortgage agreements explicitly provide a procedure or terms for a short sale approval

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 14 February 2013

   Introduced

   Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

   Source: IntroReferral

2. 14 February 2013

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 14 February 2013 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 14 February 2013

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 14 February 2013

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 14 February 2013

  Open at official source

Sponsors

• Lisa Murkowski · R · Sponsor
• Sen. Brown, Sherrod [D-OH] · D · Sponsor
• Sen. Enzi, Michael B. [R-WY] · R · Sponsor
• Sen. Menendez, Robert [D-NJ] · D · Sponsor
• John Reed · D · Sponsor
• Jeff Merkley · D · Sponsor
• Elizabeth Warren · D · Cosponsor
• · ssbk00 · Standing

Related records

• related to → Fast Help For Homeowners Act
• related to → Prompt Notification of Short Sales Act